BANK NIFTY
Important Levels for 07-10-2021.
We had assumed the index to touch 38000 once before we see any major correction and thus it happened and now we have closed at levels which witnessed the breakout yesterday.
For tomorrow, if we have a flat to a small gap up opening any moves upwards till 37650-37750 can be a good point to enter fresh shorts for targets of 37550,37450 and 37360.
If we open with a gap down, then we shall wait for the price to sustain below 37515 before taking new shorts. The next support zone is from 37360-37410 and we can expect a small pullback from these levels and once we have new lows below 37360 we can see further downfall till 37280 and 37180. SL in any case shall not be more than 70 points.
If at all we see the pullback from 37360-37410 levels sustaining above 37515, we can take longs with a small quantity for targets of 37645,37750. SL can be kept at 37460.
Option data also suggests bearishness and 37000 should be a strong support for this expiry.
We had assumed the index to touch 38000 once before we see any major correction and thus it happened and now we have closed at levels which witnessed the breakout yesterday.
For tomorrow, if we have a flat to a small gap up opening any moves upwards till 37650-37750 can be a good point to enter fresh shorts for targets of 37550,37450 and 37360.
If we open with a gap down, then we shall wait for the price to sustain below 37515 before taking new shorts. The next support zone is from 37360-37410 and we can expect a small pullback from these levels and once we have new lows below 37360 we can see further downfall till 37280 and 37180. SL in any case shall not be more than 70 points.
If at all we see the pullback from 37360-37410 levels sustaining above 37515, we can take longs with a small quantity for targets of 37645,37750. SL can be kept at 37460.
Option data also suggests bearishness and 37000 should be a strong support for this expiry.
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